of july. unemployment rate was lowered to 4 and a half year low to 7.4%. my first guest says those numbers just don't add up. the government figures don't really reveal the full truth about the job situation in america. joining me is the former head of the bureau of labor statistics, keith hall. keith, it's great to have you here today. [applause] >> good to be with you. >> well, friday, we got those new numbers. 7.6 to 7.4. what's not to love, keith? >> well, first of all, that unemployment rate is the most closely watched economic statistic there is. and, unfortunately, that's gotten to a very flawed statistic. the reason is to be included as in the unemployment race, you need fullback completely jobless, no job of any sort, no pay. and, second, you have to be active. you have to be doing certain things to be considered unemployed as oppose god just jobless. in particularly, particularly you need to be conducting interviews.